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FirstBank adds P2P payments to mobile app

12 December 2014

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Source: FirstBank

FirstBank Holding Company, the highly successful bank with 15 branches in the Phoenix area, today announced a person-to-person (P2P) payments system as the newest tool in its robust mobile banking application.

With this addition, FirstBank becomes the most recent bank to offer P2P payments through the clearXchange network, providing customers with an easy way to send and receive money via their mobile devices. FirstBank is the fourth member of the clearXchange network and will be going live today. It is the first regional bank in the nation to go live with the service.

clearXchange is the largest P2P payments network in the U.S. created by and for financial institutions, and the country's leading banks rely on clearXchange's financial technology to allow consumers and businesses to send and receive money using just an email or mobile number. More than 100 million people already have access to the clearXchange network directly through their current bank.

The addition of clearXchange allows FirstBank customers to send payments from their existing FirstBank account safely and conveniently using only the recipient's mobile number or e-mail address, and without providing sensitive account information. Customers of participating banks can easily transfer and receive money using their existing online or mobile banking service. Others whose bank is not yet part of the clearXchange network, only need to do a one-time registration at clearXchange.com to receive payments directly to their account at any U.S. bank.

"Joining the clearXchange network gives our customers a reliable, convenient and secure way to send and receive money," said Jim Reuter, executive vice president at FirstBank. "We're excited to continuously provide innovative services to our customers and enhance the flexibility of banking with FirstBank."

Mike Kennedy, CEO of clearXchange, adds, "With clearXchange, FirstBank provides customers with a seamless and secure person-to-person payments solution, making it easier to send money to family and friends. We are excited to add FirstBank's customers to our national network."

Since opening its first Arizona location in 2007, FirstBank has provided area residents and businesses with more than 2,025 loans worth more than $750 million. FirstBank is highly active with local communities where its employees live and work. The company donated more than $5 million to nonprofits in Arizona, California and Colorado last year and was the main sponsor of the inaugural Arizona Gives Day, a 24-hour online giving initiative aimed at increasing individual giving throughout the state, which raised more than $1 million for Arizona non-profits.